So apparently when UST blew up yesterday it forced Luna to sell nearly 50,000 BTC into an already weak market. The fact BTC held up so well despite that forced selling is pretty impressive. I'm seeing some models floating around Twitter that indicate powerful support around $24k, so I'm still not ready to call a bottom just yet. But it's not unprecedented in Bitcoin's history that bottoms pass by unnoticed on low volume. So if we are lucky (unlucky?) we may not get the "capitulation wick" everybody is waiting for.
🤔6
Not good! This likely means the Fed will keep hiking rates. But we'll see.
https://twitter.com/BitcoinMagazine/status/1524366743178596353?t=laB32EiiU6D37ukHAQpChw&s=19
https://twitter.com/BitcoinMagazine/status/1524366743178596353?t=laB32EiiU6D37ukHAQpChw&s=19
Twitter
Bitcoin Magazine
BREAKING: INFLATION UP 8.3% IN APRIL, ABOVE EXPECTATIONS
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No way. This is his second failed stable coin. 😂
https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
https://www.coindesk.com/tech/2022/05/11/usts-do-kwon-was-behind-earlier-failed-stablecoin-ex-terra-colleagues-say/
CoinDesk
UST’s Do Kwon Was Behind Earlier Failed Stablecoin, Ex-Terra Colleagues Say
Basis Cash, an algorithmic stablecoin project founded by the anonymous “Rick” and “Morty” in 2020, was actually the work of Terraform Labs employees.
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Keep in mind the function of markets is to move capital away from people with high time preference, toward people with low time preference.
Looks like China may have un-banned Bitcoin (so they can ban it again in the future, no doubt).
https://watcher.guru/news/bitcoin-is-now-recognized-as-a-legal-virtual-property-by-shanghai-high-court
https://watcher.guru/news/bitcoin-is-now-recognized-as-a-legal-virtual-property-by-shanghai-high-court
Watcher Guru
Bitcoin is now recognized as a legal virtual property by Shanghai High Court
China and its love-hate relationship with Bitcoin [BTC] and the rest of the crypto-verse has been witnessed by the entire globe. From........
The US is such a "greatest ally" that they are bombing the Euro and Yen. I'm sure Germany and Japan really appreciate the help.
https://twitter.com/spectatorindex/status/1524731063486267392?t=_i72Rxa55lZIRrqK7itk1Q&s=19
https://twitter.com/spectatorindex/status/1524731063486267392?t=_i72Rxa55lZIRrqK7itk1Q&s=19
Twitter
The Spectator Index
BREAKING: The Euro has fallen to a five-year low against the US Dollar
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This is a big deal. Shitcoiners are giving up and moving into Bitcoin because it's built on sturdier foundations. David Marcus used to be a shill for Facebook's "diem" stablecoin (which was vaporware thankfully).
https://www.theblockcrypto.com/post/146633/david-marcus-unveils-new-startup-focused-on-bitcoin-and-lightning-backed-by-a16z-and-paradigm
https://www.theblockcrypto.com/post/146633/david-marcus-unveils-new-startup-focused-on-bitcoin-and-lightning-backed-by-a16z-and-paradigm
The Block
David Marcus unveils new startup focused on Bitcoin and Lightning backed by a16z and Paradigm
The new firm, dubbed Lightspark, will focus on building backend infrastructure for companies that want to use the Lightning network.
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Funniest thing I've seen in a while 🤣
https://twitter.com/MythinformedMKE/status/1524843899537215499?t=tSObL2qdQUMWO9BK_Xuxpw&s=19
https://twitter.com/MythinformedMKE/status/1524843899537215499?t=tSObL2qdQUMWO9BK_Xuxpw&s=19
Twitter
Mythinformed MKE
This wins the award for most-woke activism. Generation hope markets these “inspiring videos” to “change makers” like the Diversity, Equity, & inclusion departments. They believe it’s still 1840.
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It just dawned on me that Chris Chan being in jail recently was the WORST possible timing for him, because if he had been free he likely would've been able to capitalize on the NFT craze and sold a million dollars worth of "Sonichu" characters. He missed his one opportunity in life to actually make something of himself.